Turkish President Recep Erdogan has threatened that heavy penalties will be visited on those who do not comply with the government’s new economic measures to curb the escalated prices.
Erdogan said this while speaking to reporters in Istanbul before departing for the United Arab Emirates (UAE).
“With the inspection teams we have established, we will impose severe penal sanctions on those violating the steps we have taken” ’ Erdogan threatened.
The Turkish Leader stressed that relevant ministries would regularly carry on audits with all their inspectors.
Recall that last Saturday; Erdogan announced that his government lowered the value-added tax (VAT) on basic food products from eight per cent to one per cent.
The move was to ease the burden of Turkish citizens amid the soaring cost of living caused by high inflation.
In line with the decisions, effective from Monday, grocery stores and supermarkets are expected to cut the prices of the designated products, including white and red meat, beans, lentils, chickpeas, and babies’ foods, according to media reports.
Turkey’s annual inflation surged to a two-decade high of 48.7 per cent in January.
Xinhua/NAN